Starfire Investment Advisers Inc. Maintains Position in AbbVie Inc. (ABBV)
Starfire Investment Advisers Inc. maintained its position in AbbVie Inc. (NYSE:ABBV) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,157 shares of the company’s stock at the close of the 2nd quarter. Starfire Investment Advisers Inc.’s holdings in AbbVie were worth $301,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Exencial Wealth Advisors LLC raised its holdings in AbbVie by 13.3% in the 1st quarter. Exencial Wealth Advisors LLC now owns 3,679 shares of the company’s stock valued at $233,000 after acquiring an additional 432 shares during the last quarter. iAB Financial Bank raised its holdings in AbbVie by 9.1% in the 1st quarter. iAB Financial Bank now owns 43,420 shares of the company’s stock valued at $2,829,000 after acquiring an additional 3,625 shares during the last quarter. Moloney Securities Asset Management LLC raised its holdings in AbbVie by 22.0% in the 1st quarter. Moloney Securities Asset Management LLC now owns 20,931 shares of the company’s stock valued at $1,364,000 after acquiring an additional 3,769 shares during the last quarter. Hennessy Advisors Inc. raised its holdings in AbbVie by 200.0% in the 1st quarter. Hennessy Advisors Inc. now owns 121,500 shares of the company’s stock valued at $7,917,000 after acquiring an additional 81,000 shares during the last quarter. Finally, Old Mutual Global Investors UK Ltd. raised its holdings in AbbVie by 1.4% in the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 18,168 shares of the company’s stock valued at $1,183,000 after acquiring an additional 256 shares during the last quarter. 68.49% of the stock is currently owned by hedge funds and other institutional investors.
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Several research analysts have weighed in on ABBV shares. Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a report on Tuesday, October 17th. BidaskClub downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 25th. Vetr upgraded AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price objective for the company in a report on Wednesday, July 26th. Goldman Sachs Group, Inc. (The) restated a “buy” rating and set a $100.00 price objective (up from $85.00) on shares of AbbVie in a report on Friday, September 8th. Finally, Jefferies Group LLC restated a “buy” rating and set a $107.00 price objective (up from $94.00) on shares of AbbVie in a report on Friday, September 15th. Eight analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $93.68.
In related news, Chairman Richard A. Gonzalez sold 193,131 shares of AbbVie stock in a transaction on Monday, August 7th. The shares were sold at an average price of $71.00, for a total value of $13,712,301.00. Following the transaction, the chairman now owns 469,623 shares in the company, valued at approximately $33,343,233. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 87,899 shares of AbbVie stock in a transaction on Friday, August 4th. The stock was sold at an average price of $71.02, for a total transaction of $6,242,586.98. Following the completion of the transaction, the chairman now owns 342,353 shares in the company, valued at approximately $24,313,910.06. The disclosure for this sale can be found here. Insiders sold a total of 314,329 shares of company stock worth $22,907,131 in the last quarter. Insiders own 0.23% of the company’s stock.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, October 27th. The company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $7 billion for the quarter, compared to the consensus estimate of $7 billion. AbbVie had a net margin of 24.38% and a return on equity of 164.66%. AbbVie’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.21 EPS.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Friday, January 12th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.15%. The ex-dividend date is Thursday, January 11th. This is an increase from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s dividend payout ratio (DPR) is 62.29%.
AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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